Press Release March 18, 2026 SAPPHIRE AIRLINES PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	65.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	65.00	-	-

Rating Rationale

­Acuite has withdrawn its long-term rating on the bank loan facilities of Rs.65.00 Cr. of Sapphire Airlines Private Limited (SAPL) without assigning any rating, as the instrument is fully repaid. The rating has been withdrawn on account of the request received from the issuer along with the no dues certificate received from the lender as per Acuité's policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Company

­Mumbai-based, Sapphire Airlines Private Limited was incorporated in 2007. The company's main line of business is to provide aircraft chartering service. The directors of the company are Mr. Sadashiv Mahadeo Patil, Mr. Sreenivas Krishnan and Mr. Manoj Kumar Mohta. Sajjan Jindal Family Trust owns the Everbest Consultancy Services Private Limited, which is a 100% shareholder of the SAPL. Sapphire Airlines Private Limited (SAPL) has entered into a take-or-pay agreement with JSW Group companies, namely, JSW Steel Limited, JSW Energy Limited, JSW Cement Limited, and JSW Jaigarh Port Limited, for providing chartering services of the helicopter as well as aircraft for their business travel requirements.

Unsupported Rating

­Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

Not Applicable

Weaknesses

Not Applicable

ESG Factors Relevant for Rating

­Air transport industry is highly exposed to governance risks associated with regulatory compliance, board oversight, business ethics and corrupt practices. However, the company demonstrates responsible governance through transparent ownership and a professionally managed board structure. On the environmental front, GHG emissions, air pollutant emissions, environmental management, energy efficiency, ESG reporting and waste management are key concern for this industry. Moreover, on the social front, labour management issues, such as employee safety & development and employment quality, is a crucial issue in air transport industry.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

­Not Applicable

Potential triggers (individual or collective) for a downward rating action:

­Not Applicable

Liquidity Position

­Not Applicable

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	190.96	22.19
PAT	Rs. Cr.	0.65	(1.96)
PAT Margin	(%)	0.34	(8.82)
Total Debt/Tangible Net Worth	Times	198.28	22.79
PBDIT/Interest	Times	1.46	1.19

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 24 Dec 2024 Term Loan Long Term 65.00 ACUITE A | Stable (Reaffirmed) 28 Sep 2023 Term Loan Long Term 65.00 ACUITE A | Stable (Reaffirmed)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Axis Finance Limited Not avl. / Not appl. Term Loan 30 Dec 2021 Not avl. / Not appl. 09 May 2025 65.00 Simple ACUITE Not Applicable | Withdrawn

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Archita Sharma Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.